North America

Regional Guide

Guide Sanction Scanner


Global AML Guide

1. Are there any sanctions imposed against Canada?
    There are no sanctions imposed on Canada.
2. What are the regulated institutions in Canada?
    All banks in Canada have regulated institutions such as all federally established or registered trust and credit companies, insurance companies, cooperative credit associations, fraternal benefit societies.
3. Who are the local regulatory authorities in Canada, and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
    The Criminal Code of Canada, The Financial Transactions and Reports Analysis Centre of Canada(FINTRAC)Corruption of Foreign Public Officials Act (CFPOA), Investment Industry Regulatory Organization of Canada (IIROC), Canadian Securities Administrators (CSA), Financial Services Commission of Ontario(FSCO) and The Mutual Fund Dealers Association of Canada.
4. What is the status of Canada's FATF?
    Canada is a member of FATF since 1990. Mutual evolution of Canada completed by the Financial Action Task Force (FATF) as an assessment in line with anti-money laundering and counter-terrorism financing standards.
5. Which global regulations Canada have to comply with?
    Canada is a FATF member, and The Mutual Evolution of Canada report that is completed by FATF has a critical role in regulating money laundering and counter-terrorism financing. Global Affairs Canada governs Laws and Regulations to manage Canada's diplomatic and consular relations and promote the country's international trade.
6. What are the AML obligations of the businesses in Canada?
    Firstly, all persons and institutions that are liable to PCMLTFA regulations must have a compliance program. In this context, all institutions should create written compliance procedures. Developing a Risk assessment is also essential for institutions. Know your Customer is one of the primary obligations of compliance with PCMLTFA.
7. What are the local AML laws and regulations in Canada?
    Canada's anti-money laundering laws are included in two regulations: The Criminal Code and The Proceeds of Crime and the Terrorist Financing Act (PCMLTA). According to the Criminal Code, it is an offense to deal with any property knowingly or to provide or facilitate any terrorist act or any financial or related service for any person to any terrorist group or list.
8. What are the penalties for failure to comply with Anti-Money Laundering law in Canada?
    According to the laws of Canada aml, persons engaged in money laundering activities are sentenced to a maximum of ten years in prison. According to the summary of the crime committed, the maximum penalty is the maximum of 5000 Canadian dollars.
9. What are the contact details of the relevant regulators in Canada?
    24th Floor, 234 Laurier Avenue West, Ottawa ON K1P 1H7, Canada
    T: +1-866-346-8722
10. Are violations of anti-money laundering obligations also subject to criminal sanctions in Canada?
    In case of violation of anti-money laundering obligations, criminal sanctions may be imposed by PCMLTFA. All persons and institutions that are liable to PCMLTFA regulations.
11. What can oblige institutions do to prevent money laundering and to comply with AML regulations in Canada?
    Within the scope of PCMLTA, reporting organizations have four primary obligations: establishing a compliance program, knowing the Customer, and regularly keeping and reporting certain records and transactions. For incumbent organizations to know who their customers are and identify their risks, they need to do Know Your Customer, Customer Due Diligence, Transaction Monitroring practices recommended by regulators. Sanction Scanner enables financial institutions in Canada to comply with anti-money laundering laws locally and globally.

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